OpenPayd Eyes Year-End Nasdaq Listing With $73M Revenue

OpenPayd’s Nasdaq merger still needs approvals and financing

Dimitrova told CoinDesk the company was in the final stages of SEC review. Closing still requires the registration statement to become effective and approval from Titan shareholders, among other conditions. The proposed ticker is OP; neither the target date nor the symbol establishes that trading has begun.

OpenPayd’s June 1 merger announcement already identified the fourth quarter as the expected closing window. The latest interview reinforces that expectation rather than announcing a completed transaction or a newly approved listing.

The June terms described up to $276 million in gross proceeds from Titan’s trust account, assuming no public-shareholder redemptions. In a SPAC, investors can seek their money back, so the amount left for the combined business can differ from the advertised trust balance.

That distinction has practical precedent in crypto public-market plans. The earlier Bitcoin Standard Treasury SPAC deal reset changed financing terms and postponed its shareholder vote. It illustrates execution uncertainty, without establishing that OpenPayd faces the same outcome.

The SEC-filed investor presentation, current as of August 26 unless otherwise stated, models a $100 million private investment in public equity, or PIPE. Its footnote explicitly says that money had not been raised or committed. The illustrative $1.245 billion combined equity value includes that financing assumption and is not a completed market valuation.

The presentation’s unaudited fiscal-2026 reconciliation reports $72.7 million in revenue, versus $56.6 million a year earlier, and $12.5 million in non-IFRS EBITDA. It also records a $2.8 million net loss and $5.8 million in transaction costs. The positive adjusted measure therefore should not be confused with bottom-line profit.

The CEO also said OpenPayd is considering a private placement and acquisitions that add licenses or technology. A completed financing agreement and final closing disclosure would offer stronger evidence than the illustrative capital structure alone.

OpenPayd’s 43 state licenses precede its April 2027 launch

The September announcement described the integration of MSB USA as finalized after regulatory approvals. It did not say every proposed OpenPayd product was available in every U.S. state. Its wording distinguishes the licensed company’s continuing operations from the broader platform integration still being prepared.

MSB USA was founded by OpenPayd founder Ozan Ozerk and will retain its leadership, according to the release. The move brings an existing regulated business into the group, rather than announcing 43 newly issued licenses awarded simultaneously.

As of July 31, OpenPayd said annualized transaction volume exceeded $300 billion and annual recurring revenue exceeded $96 million, with more than 1,200 clients. Those are group-wide figures, not measured U.S. launch revenue, stablecoin supply or customer balances.

Regulatory reach also differs by service and jurisdiction. France’s AMF entry for OP Digital Services confirms a Malta-granted MiCA license and permission to provide crypto services in France through passporting. It lists custody, exchange, order execution and transfers.

The AMF page explains that June 24 is the intended starting date of French services. Its July 9 publication and that service date should not be read as U.S. authorization or evidence of a new October license.

For prospective business customers, the relevant question is which regulated entity supplies a particular service in their location. A broad corporate license count gives geographic context; it does not describe every customer’s access, settlement terms or product eligibility.

Circle and Fireblocks connect OpenPayd’s stablecoin payment rails

OpenPayd’s August 25 Circle Payments Network integration explains the business behind the listing. Companies can send and receive conventional currencies while stablecoins support cross-border settlement behind the scenes, without building their own blockchain infrastructure.

The company cited euro-to-Brazilian-real and sterling-to-Mexican-peso payments as examples of near-instant settlement. These are disclosed corridors, rather than proof that all countries, currencies or transfers have the same availability and speed.

The model differs from the exploratory Circle and JCB merchant-payments plan. OpenPayd described an integration already operating, while the JCB agreement concerned services the companies would explore.

The announcement also specifies that Circle Technology Services operates the network as a technology provider. It does not hold customer funds or manage accounts, and participating institutions settle with one another. That leaves institutional responsibilities relevant even when the payment experience appears simple.

OpenPayd’s July Fireblocks announcement added another distribution route. It said participants could connect to its fiat infrastructure without a separate integration, with GBP, EUR and USD available and further currencies on demand. Network membership is a distribution channel, not a measure of new paying OpenPayd clients.

The service sits alongside other efforts to join exchange liquidity with payment infrastructure, including Kraken’s Tempo partnership. OpenPayd’s proposed listing would finance the provider connecting those systems; it does not itself issue a new stablecoin.

Alternative.me’s Bitcoin-focused Fear and Greed Index read 65, or Greed, on October 4, versus 67 the previous day. The indicator describes crypto sentiment rather than the probability of the merger closing.

As of October 4 at 19:08 UTC, the CEO’s year-end closing and April service targets remained prospective. The next disclosures to watch are registration effectiveness, the shareholder vote, committed financing, actual trust redemptions and a product-specific U.S. launch notice.